Sri Lanka, March 5 -- The Ceylon Petroleum Corporation (CPC) is set to commence the development of 24 oil tanks at the Upper Tank Yard in Trincomalee, marking a continuation of a long running plan to develop the area as a regional energy and industrial hub.
The initiative follows an agreement in June 2022 between the government, CPC, Lanka IOC and the Trincomalee Petroleum Terminal Company for the completion of Trincomalee Tank Farms.
Under the agreement, CPC secured a 50-year lease for the 24 tanks, under a three-year timeline for their development.
Following an extensive feasibility study and approvals from key regulatory bodies including the Road Development Authority, Sri Lanka Railways, and the Marine Environment Protection Authori...